Coinbase and Blockchain.com Receive Approval from Singapore for Offering Digital Payment Services

After receiving clearance from Singapore’s central bank, Coinbase and Blockchain.com are the newest cryptocurrency exchanges to launch in Singapore. The permission was granted to both organizations on the same day. Approximately 18 cryptocurrency businesses are now operating in Singapore, among the 180 enterprises expecting their cryptocurrency payment authorization.

The crypto currency trading platform Coinbase has revealed that it has been awarded a business permit in Singapore. The Monetary Authority of Singapore (MAS), as per Coinbase, has authorized the crypto exchange to provide “digital payment token goods and services” in the island nation.

The Monetary Authority of Singapore, Singapore’s central bank and financial regulator, defines digital payment as “digital information of value that lack a physical structure and are often held using blockchain technology.

As per Coinbase, its presence in Singapore was developing prior to the issuance of an operating license, allowing it to participate in both human resources and cryptocurrency firms on the island country.

A few weeks upon successfully registering with the Dutch Central Bank (De Nederlandsche Bank — DNB), Coinbase was granted permission to do business in Singapore.

Blockchain.com, a crypto exchange backed by prominent investors such as Lightspeed Venture Partners, said on Wednesday that Singapore’s central bank has granted permission to offer payment services in the island. Reuters was the first to break this news.

Coinbase, a prominent cryptocurrency exchange, announced the same clearance only one day before.

As per a statement issued by Blockchain.com, which was estimated at $14 billion in March, Singapore is a desirable location for the firm to grow its institutional clients and workforce. As per the firm, its retail segment has 84 million wallet owners from 200 nations, and derives fifty percent of its income from institutions.

Due to the financial centre’s prowess in attracting crypto currency service providers from China, India, and other Asian nations in past years, Singapore has emerged as a vital center in Asia.